Some financial market experts have decried the poor state of infrastructure in the country. The experts spoke at a finance conference titled: "Resilience of the Nigerian Financial Industry in the Face of Changing Global Circumstances," organised by the
According to them, with the recently rebased Gross Domestic Product (GDP) which put the size of the economy at
One of the keynote speakers, Managing Director/Chief Executive Officer,
Rewane insisted that the state of
He added: "So, lets go back and ask ourselves, the same kilometre of roads we had as at 1990, is still the same amount of roads tarred today. Between 1990 and today, only one bridge has been built in
"Between 1990 and today, no new refinery has been built. Between 1990 and today, no new port or port rehabilitation has taken place. Between 1990 and today, not one rail line or rail infrastructure has been built. "Between 1990 and today, we have few scattered Independent Power Projects. We are still at 3,800 megawatts," he added.
He pointed out that what the GDP rebasing did was to show more accurately, the structure and size of the economy.
He explained that the exercise was delayed till this year "because if we had rebased when we had that debt, we would have qualified as a medium income country and we would not have been able to access the debt rescheduling and forgiveness then.
"So it was in our interest not to have rebased so that our economy remained small." The FDC boss who noted that power, roads, bridges, ports, refineries are critical for the growth of any nation, urged government at all levels to focus on infrastructural development.
"The infrastructure gaps are so glaring that you cannot use the infrastructure of a
"So the winners are those that invest in infrastructure, institutional, physical and otherwise," he maintained.
On his part, the Deputy Managing Director,
Uzoma, however stressed the need for government to create enabling environment for the financial system to be able to effectively play its intermediary role.
"There is huge opportunity for banks considering the huge number of the unbanked population," he added.
He also advised regulators to work in harmony in order to support the growth of mobile banking.
Also, the Managing Director/Chief Executive Officer,
According to the
"I think you will find out that as the private sector takes ownership of more of the assets, banks would fund them. Banks were not created to take money and put into government bills. I think that time is gone.
"Now, banks would work with people to make sure their projects get to fruition because the banks are also at risk if the person does not pay," he added.
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